Largest Property Tax Cut in Texas History!July 22, 2023
Governor Abbott officially signed the largest property tax relief package in Texas today.
Here’s a quick rundown of what’s included in the $18 billion package:
- Increases the homestead exemption from $40,000 to $100,000
- Provides more than $12 billion to reduce school property tax rate
- Non-homesteaded residential and commercial properties valued at $5 million and under, will receive a 20% circuit breaker on appraised values as a 3-year pilot project
- Creates newly elected positions on local appraisal boards
This historic property tax bill will provide Texas homeowners and small businesses with real and lasting tax relief. I knew going into the 88th legislation session, that YOU, the constituents of HD 67, demanded and deserved property tax relief and I’m proud to say that we delivered on your behalf!